Why Knowing Your Numbers is Essential for Financial Success and Feeling Empowered as a Business Owner with Melissa Houston

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In this episode, my guest is CPA, CGA and Founder of The Business Society blog and podcast, Melissa Houston. We dig into business, finances, money mindset and all the important stuff that so many entrepreneurs neglect when it comes to creating a financially successful business. This episode will leave you feeling empowered to look at your business numbers in an objective way and see money as a tool that you can utilize to your advantage. And, if finances or numbers aren’t your thing, Melissa shares some advice on finding a financial specialist that would fit your needs!  

Show Notes: 

03:30 An Accountant by Accident   

Melissa started out as a social worker, but it wasn’t the right fit for her, so she began to explore other opportunities. She decided to jump into accounting, and found that she really enjoyed the work, especially the aspect of helping and educating business owners. She explains how understanding your finances is such an important element to building a thriving business.  

05:54 Let go of Your Emotions When it Comes to Your Numbers   

I often see entrepreneurs fall into the cycle of fear when it comes to growth and success. Melissa references her 5-Step Cash Confident Framework, and explains how the first thing you can do to avoid this is to address your money mindset. First, you need to separate the emotional attachment and look at your numbers as data through an objective lens. Your numbers are an important form of feedback for your business. 

10:05 Feel Empowered to Understand Your Numbers     

The second thing you can do is learn how to read your financial statements and understand how the process works. The third step is to make a business financial plan and set your goals accordingly. Mapping it out helps you to see all of the moving parts that it will take to grow your business. The fourth step is to look at your business numbers each month and run those reports to see what’s working and what’s not.      

14:39 Learn How to Manage Your Cash Flow     

The final step is to learn how to manage your cash flow. You need to understand what’s coming in and what needs to go out. All of these steps help business owners understand how they can create profit in their business. We discuss some different scenarios that demonstrate the importance of understanding investments and profits in your business. 

20:00 All About Taxes   

Melissa recommends that entrepreneurs get help with their taxes right from the beginning as they start setting up their business. Though there is software out there, a tax accountant is going to help you find the best, personalized tax strategy for your business. That professional advice will help you avoid mistakes and save as much money as possible. 

26:55 Hire a Bookkeeper 

Many business owners fear the expense of hiring a qualified bookkeeper. It’s cheaper to pay someone qualified to do it in the first place instead of paying your accountant to fix the mistakes later on. Your bookkeeper should be your first line of financial foundation. 

Resources from this Episode & Working w/ Me

Visit Melissa’s Instagram: @melissahoustoncpa

Check Out Melissa’s Website and Podcast: shemeansprofit.com

My Website: micahfolsomfit.com

Connect w/ me on Instagram: @lifeonfolsomfarm

Get Access to My Free Masterclass for Network Marketers – The 7 Essentials to 7 Figures Blueprint: micahfolsomfit.com/7essentials

New Coach Mentorship: micahfolsomfit.com/transformyourlife

Work w/ Me on your Health Goals in my Virtual Gym: micahfolsomfit.com/getfit

Join the 4 Week Gut Protocol: micahfolsomfit.com/gut

Folsom Farm Homegrown Beef Info & Waitlist:


    Micah Folsom

    Hi, I’m Micah!

    Hi, I’m Micah! Wife to a cattle rancher and homeschool mom to our 6 kids on our small farm in Southeast Idaho.

    I’m a top network marketing leader in the health & wellness space, Host of the Do Your Crap Podcast, Creator of my program for network marketers called Ignite Your Life and most recently helping my husband, JD with our new business selling homegrown beef subscription boxes so more families can enjoy delicious meals together with the peace of mind knowing exactly where their meat was raised.

    I’m a huge believer that women can live multi-passionate lives and still honor their family values, letting our heart tugs pave the way for us to live out our fullest potential and be the light we’re meant to be.

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    Folsom Farm family pic